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| Bank Home Auction |
Foreclosed home auctions are quickly becoming the hottest place to buy foreclosures as banks are stepping back from multiple offers, and finding the ease of auctions more to their liking. Lenders are no strangers to the auction market and have conceded the benefits in this manner of sales for decades; and with current market trends and the credit crunch that we currently face, hundreds of hungry buyers and investors have created a high demand for foreclosure auctions.
Foreclosure auctions are a great way for mortgage lenders to clear their inventory of foreclosed or bank owned homes, because they don't have to wait for loan approvals or negotiate with multiple buyers, they can liquidate their properties quickly and efficiently with the assurance that properties will sell. Auctions are great for buyers as well because the cost is discounted to the bottom-line, the competition with other buyers is quick and decisive, and the mortgage lenders are determined to close the sale as quickly as possible. Because homes listed at auction are serious buying opportunities, qualified buyers find it much easier to find the Southern California home of their dreams at a foreclosure auction instead of scouring agency listings.
Every detail of a foreclosure auction is on display in front of the buyer, long negotiation periods are waived, buyers know exactly what they are paying versus the true market price, they know they are in fair competition with other buyers, and they can be confident about closing dates as most auctions require escrow closure within 30 days of the auction.
The only preparation a buyer needs to have done prior to attending a foreclosure auction is to prepare their financing. Buyers should do their homework (including pre-bid inspection) and be ready to close escrow at the time of auction. This little bit of extra preparation often leads to a successful home auction and a buyer finding the perfect foreclosed home of their dreams.
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